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The Peak XV Partners-backed fintech firm narrowed losses to Rs 148 crore first ninth months of FY25 from Rs 492 crore in the year-ago period
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In an interview, CEO Nalin Negi outlines a focused strategy for BharatPe, including building consumer payments app, without being in the race for UPI market share, and hitting full-year Ebitda profitability in FY25.
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Justice Sanjeev Narula passed the order on Monday after the court was informed that another bench of the high court quashed the FIR on the same day.
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The new app--Invest BharatPe--currently hosts two offerings, including digital gold and fixed deposits in partnership with Shriram Finance, Bajaj Finance, Mahindra Finance, and Suryoday Small Finance Bank
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Trust is the bedrock of the relationship between investors and startups. A company’s ability to sustain global investment is intrinsically tied to its reputation for integrity and sound management. BharatPe’s deft moves to extricate itself from a sticky situation is a lesson in effective strategy and sensible legal tactics
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The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024
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BharatPe CEO Nalin Negi said. Going forward, he said the firm will focus on scaling its lending vertical, launching new offerings across POS, soundbox, and scaling its consumer vertical.
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The company's revenue rose from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24
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As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company, a BharatPe spokesperson said in a statement.
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Deepak Gupta, the brother in law of Ashneer and his wife Madhuri Grover, is being held at the Mandir Marg police station and will be produced in court today, say sources
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BharatPe filed a plea for arbitration, claiming Grover's actions compromised company confidentiality, particularly concerning equity allocations in its $370-million Series E funding round.
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They said Amit Kumar Bansal was arrested on August 6 and produced before a court that sent him to police custody for six days.
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Justice Sanjiv Narula passed the order after the duo's lawyer Giriraj Subramanium told the court of their return. Madhuri Jain was personally present in the court hall.
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BharatPe co-founder Ashneer Grover visited Times Square in New York and took to social media to share the news
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The tussle over the usage of 'Pe' has been ongoing since 2018. In 2019, PhonePe filed a suit against BharatPe in the Delhi High Court alleging that the name BharatPe infringed upon the registered trademark of‘ PhonePe’.
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They have also been ordered to submit their Emirates cards so that they do not visit the United Arab Emirates, as they hold 'golden visas'. The card is issued by the UAE to golden visa holders
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As per what transpired in the court Grover will travel to the USA on May 26 and return to India on June 14. Jain will travel on June 15 and return on July 1.
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The controversy erupted when comedian Aashish Solanki, host of 'Pretty Good Roast,' revealed that Ashneer Grover requested his portion be cut from the episode after struggling with the jokes directed at him.
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BharatPe owns 49% in Unity SFB, and Centrum group the remaining 51%. Sources say BharatPe is likely to pare its shareholding to around 25-26%. Company calls it speculation.
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Grover and Jain can't leave the country without a court's permission as a Look Out Circular has been issued against them on the request of the EOW
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Bahl joins a series of former executives of BharatPe who have moved to launch their own startups and venture capital funds like OTP Ventures, OTPLess and GrowthCap Ventures
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Besides pitching for "digital contact point verification" of merchants, PAs are planning to request the RBI to allow them to undertake KYC in phases, starting with existing high-risk merchants, as opposed to an umbrella deadline of September 30, 2025 for all.
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The court noted that the interim order will remain in place till the time the litigation between Grover and Koladiya is disposed off.
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The company in a statement said it plans to launch the product in about 100 cities in the first phase. It will further scale it to around 450 cities over the course of the next 6 months
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Looking to make the first close by June, Sameer, along with co-founders Kunal Suri and Saurabh Vashishtha, will remain the largest investors in OTP Venture, while the rest will come from a mix of founders, institutions and CXOs
